where the vast majority of homeowners' net worth is tied to their home value. when compared to others in California, their net worth is "average," but compared to homeowners in other parts of the country, they would be considered "rich."
another aspect is that one's income and lifestyle is not commensurate with the value of their home. in other words, if they had to purchase their home today, they could not afford it.
Hey, I can't afford a new car. I'm california-rich.
Prices shown in USD.
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